The bank was the worst performer in the KBW Bank Index last years; its shares tumbled as it slashed its dividend and reported its first quarterly loss since 2008.
Atlanta-based broker Tyler Delahunt had been discharged by the wirehouse over alleged outside investments.
Clients can still call their advisers to initiate trades in those stocks, a bank spokesperson said. Both companies' shares have surged amid a push from retail traders.
Record profitability in wealth management in the Americas was driven by growth in loans, separately managed accounts and adviser productivity, the company said.
Charles Kenahan had already been barred by the state of New Hampshire in December.
Scott Phelan, Kevin Myers and an assistant switch firms in Atlanta.
Morgan Stanley boosted its chief executive’s pay 22% to $33 million for 2020, when the Wall Street bank posted its third consecutive year of record earnings and announced two large deals.
CEO Charlie Scharf is making classic changes to streamline and reduce costs at Wells Fargo's Wealth and Investment Management unit, which houses Wells Fargo Advisors.
CEO James Gorman, who worked at Merrill Lynch before joining Morgan Stanley in 2006, said that last year was the first time in decades he had not seen "net attrition," or a net loss, of advisers. "We're bringing in $20 billion every five weeks," Gorman said.
The new chief executive faces a lengthy Dutch legal battle over his role in a money laundering scandal at his previous employer, ING, that has complicated efforts to put his stamp on the business.
Net new households at the wirehouse in 2020 declined 37% year over year, the company reported Tuesday. The pandemic clearly hampered advisers' efforts to reel in new clients, a push at the firm since 2016.
Former Morgan Stanley, Merrill Lynch advisers join Rockefeller in Boca Raton, Florida, and Chicago
Financial advisers are usually off-limits when it comes to large institutions looking to cut costs and personnel. But Wells Fargo, under CEO Charlie Scharf, has not shied away from laying off advisers or cutting adviser-lead businesses.
The bank is reportedly in talks to sell the unit to a private equity consortium led by GTCR and Reverence Capital Partners.
Two pairs of advisers in Lincoln, Nebraska, make the move, along with their staffs.
The companies that are temporarily halting or rethinking how they donate money to politicians via PACs, or political action committees, are some of the most prominent platforms for financial advisers and registered reps in the industry, including Bank of America Corp., Morgan Stanley and Charles Schwab Corp.
Firm veteran Mandell Crawley takes new job; Elizabeth Dennis will succeed him as head of private wealth management
Effort would move the fourth-largest U.S. bank a step closer to emulating some of its biggest rivals
Foursome creates Campbell Johnson McGiboney Wealth Advisors in Franklin, Tennessee
Ralph Hamers is caught up in an investigation of money laundering that occurred while he headed ING Groep
